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Ybroad swings to profit in Q4

Ybroad Co. Ltd. said its fourth-quarter normalized net income was 35,710 won, compared with a loss of 292.6 million won in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 0.0% from negative 0.9% in the year-earlier period.

Total revenue decreased 9.2% year over year to 28.51 billion won from 31.40 billion won, and total operating expenses declined 15.3% on an annual basis to 27.39 billion won from 32.35 billion won.

Reported net income came to a loss of 623.0 million won, or a loss of 40.85 won per share, compared to a loss of 6.75 billion won, or a loss of 442.42 won per share, in the year-earlier period.

For the year, the company's normalized net income totaled 62.73 won per share, compared with a loss of 4.86 won per share in the prior year.

Normalized net income was 956.7 million won, compared with a loss of 70.4 million won in the prior year.

Full-year total revenue decreased 6.0% on an annual basis to 112.49 billion won from 119.63 billion won, and total operating expenses declined 7.6% on an annual basis to 110.41 billion won from 119.46 billion won.

The company said reported net income came to 550.2 million won, or 36.08 won per share, in the full year, compared with a loss of 6.66 billion won, or a loss of 459.78 won per share, the prior year.

As of March 14, US$1 was equivalent to 1,188.55 South Korean won.